Morning News Call - India, March 20

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FACTORS TO WATCH
10:00 am: Mines Minister Narendra Singh Tomar to inaugurate 3rd National
Conclave on Mines and Minerals in New Delhi.
11:00 am: Budget session of Parliament continues in New Delhi.
11:00 am: Telecom Minister Manoj Singh to brief media after “Deendayal
SPARSH Yojana” award ceremony in New Delhi.
12:15 pm: NITI Aayog CEO Amitabh Kant and Piramal Group Chairman Ajay
Piramal to brief media on strategic initiative towards Transforming India in New
Delhi.
2:00 pm: Kotak Mahindra Bank MD Uday Kotak to interact with media in Mumbai.
2:45 pm: Farm Minister Radha Mohan Singh and Skill Development Minister
Dharmendra Pradhan at signing of an MoU in New Delhi.
4:30 pm: Aviation Minister Suresh Prabhu to brief media in New Delhi.
GMF: LIVECHAT - ASIA TRANSPORT SECTOR
In this Minority Report-ish era, we've heard it all - flying taxis,
self-driving cars, et al. But the story of transportation development in Asia is
a contradiction. While China now has the highest number of EV sales in the
world, its neighbour India still struggles with testing of an EV fleet. Then
there's air transport. While crude seems to be on the boil, big names like
Cathay are making a comeback, albeit slowly. To discuss what the next decade
holds for transport in Asia, we speak to Corrine Png, founder and CEO at Crucial
Perspective, previously executive director and the head of Asia Pacific
transportation research at J.P Morgan. To join the conversation, click on the
link: here
INDIA TOP NEWS
• UltraTech offers to buy Binani Cement, tests India's new bankruptcy law
India's top cement maker UltraTech Cement on Monday offered $1.1 billion to
buy Binani Cement Ltd days after a rival bid in what could be a test case for
the country's fledgling bankruptcy process.
• India's Bandhan Bank draws strong interest for $690 mln IPO
Bandhan Bank's initial public offering to raise 44.73 billion rupees was
subscribed nearly 15 times on Monday as the biggest market debut ever by an
Indian bank drew strong interest, mainly from institutional investors.
• India police charges former Canara Bank chief in alleged loan fraud case
India's federal police filed charges on Monday against a former chairman of
state-run Canara Bank and others over allegations that the officials helped a
company defraud the bank of about $10.5 million taken in loans over four years
ago.
• Saudi Aramco seeks majority stake in Indian refinery- Economic Times
Oil giant Saudi Aramco is looking to buy a majoritystake in a proposed
refinery and petrochemical complex valued at 3 trillion rupees in the western
Indian state of Maharashtra, local daily Economic Times reported, citing people
familiar with the matter.
• Uber, Ola drivers strike in India for higher pay
Drivers for app-based cab aggregators Uber and Ola started an indefinite
strike across India on Monday, demanding extra pay as a surge in the number of
cabs on the two platforms, coupled with cutbacks in incentive payments, have
stung drivers.
GLOBAL TOP NEWS
• Facebook under pressure as U.S., EU urge probes of data practices
British privacy regulators are seeking a warrant to search the offices of
the political consultancy Cambridge Analytica late Monday following reports that
the company may have improperly gained access to data on 50 million Facebook
users, according to a Channel 4 television report.
• G20 pushes for free trade as U.S. vows to defend national interest
World financial leaders pleaded for an endorsement of free trade on Monday
amid worries about U.S. metals tariffs and looming trade sanctions on China, but
Trump administration officials said they would not sacrifice U.S. national
interests.
• Japan manufacturers' mood suggests upbeat BOJ survey - Reuters Tankan
Confidence among Japanese manufacturers edged up in March from three months
ago and the service sector's mood hit a three-year high, the Reuters Tankan poll
showed on Tuesday, signaling solid readings in the central bank's
closely-watched quarterly tankan survey.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• SGX Nifty March Futures were at 10,086.00, down 0.3 pct from previous
close.
• The Indian rupee will likely open lower against the dollar as a technology
sector-led selloff on Wall Street spilled over to Asia, hurting demand for
regional currencies.
• Indian government bonds are likely to edge lower on caution ahead of the
U.S. Federal Reserve's monetary policy meeting that starts today. The yield on
the benchmark 7.17 pct bond maturing in 2028 is likely to trade in 7.60 pct-7.65
pct band today.
GLOBAL MARKETS
• U.S. stocks dropped on Monday, with the S&P and Nasdaq suffering their
worst day in just over five weeks, as concerns over increased regulation for
large tech companies was spearheaded by a plunge in Facebook shares.
• Asian shares fell after investors took profits in high-flying U.S.
technology shares on fears of stiffer regulation as Facebook came under fire
following reports it allowed improper access to user data.
• The euro held onto gains made the previous day when traders revived bets
that the European Central Bank would raise interest rates sooner than previously
thought.
• U.S. Treasury prices gained on Monday as stocks tumbled and as investors
waited on the conclusion of the Federal Reserve’s two-day meeting on Wednesday,
where the U.S. central bank is widely expected to raise rates for the first time
this year.
• Oil prices edged up, lifted by tensions in the Middle East, although
rising output in the United States and shaky stock markets put a lid on further
gains.
• Gold prices edged down as the dollar firmed, with focus shifting to the
U.S. Federal Reserve which is expected to hike interest rates and signal three
more increases this year at a two-day meeting that kicks off later in the day.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 65.10/65.13 March 19 $44.78 mln $323 mln
10-yr bond yield 7.64 pct Month-to-date $1.41 bln $935.61 mln
Year-to-date $1.52 bln $155.29 mln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 65.2100 Indian rupees)
(Compiled by Nachiket Tekawade in Bengaluru)